Global Physical Therapy Rehabilitation Solutions Market, by Solution (Software and Hardware), by Application (Hip Joint, Spinal Cord Injuries, Forearms and Wrist Joints, Shoulder and Elbow Joint, Knee Join, and Others), by Deployment (On-premise, Cloud-base, and Hybrid), by End User (Ambulatory Surgical Center, Self-insured Employer, Healthcare IDN (Integrated Delivery Network), Commercial payer, Govt. Organization, Physiotherapy Clinics, Hospitals, and Homecare & Rehabilitation Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 23.1 billion in 2020 and is expected to exhibit a CAGR of 7.7 % during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
Key players are focusing on product approvals and launches to strengthen their position in the global physical therapy rehabilitation solutions market. For instance, in May 2019, Reflexion Health received 510(k) approval from the U.S. FDA for its Virtual Exercise Rehabilitation Assistant (VERA). The platform is featured with a 3D scan of the patient in order to measure movement and analyze functional assessment of patients suffering from injury. Patients and providers are enabled to view progress and statistics on a dashboard. Previously, in 2015, VERA was already approved by the U.S. FDA for the treatment of lower extremities i.e. knee and hip replacement surgery.
Moreover, key companies are focusing on strategic collaborations for the development of novel and technologically advanced physical therapy rehabilitation solutions for different indications, which is driving growth of the global physical therapy rehabilitation solutions market. For instance, in October 2016, Zimmer Biomet Holdings Inc. acquired RespondWell, a telerehabilitation platform, from RespondWell LLC. Zimmer Biomet integrated the novel platform into its Zimmer Biomet Signature Solutions to further enhance patient compliance with physical therapy.
Global Physical Therapy Rehabilitation Solutions Market – Impact of Coronavirus (COVID-19)
- The COVID-19 pandemic has affected several markets across the globe and is also expected to hamper the global physical therapy rehabilitation solution market growth
- Moreover, pre-COVID physical therapy rehabilitation solutions market had gained significant growth due to increasing demand for rehabilitation services for orthopedic indications across the world. For instance, in 2018, Reflexion Health, Inc. entered into an agreement with Delta Joint Management. As per the agreement, Reflexion Health's U.S. FDA cleared VERA platform will remotely monitor Delta Joint Management's patients to ensure that they receive high-quality physical therapy in the comfort of their homes.
- The COVID-19 pandemic has affected the economy in three main ways; by directly affecting the production and demand; by creating disruptions in distribution channels; and through its financial impact on companies and financial markets. Supply chain and manufacturing activities in India, China, the U.S., and others have been disrupted due to lockdowns, while countries such as Thailand, Indonesia, Singapore, and others are facing problems with regards with maintaining rehabilitation services such as physical therapy. The demand for virtual rehabilitation has increased during COVID 19 situation, as it is safe and follows social distancing.
Browse 44 Market Data Tables and 36 Figures spread through 207 Pages and in-depth TOC on “Global Physical Therapy Rehabilitation Solutions Market, by Solution (Software and Hardware), by Application (Hip Joint, Spinal Cord Injuries, Forearms and Wrist Joints, Shoulder and Elbow Joint, Knee Join, and Others), by Deployment (On-premise and Cloud-base, Hybrid), by End User (Ambulatory Surgical Center, Self-insured Employer, Healthcare IDN (Integrated Delivery Network), Commercial payer, Govt. Organization, Physiotherapy Clinics, Hospitals, and Homecare & Rehabilitation Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)”
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The market is expected to witness significant growth during the forecast period, as key players are focusing on technological advancements in the field of physical therapy rehabilitation solutions. For instance, in January 2019, MbientLab, a company building the next generation of sensors and tools for the healthcare industry, launched a novel MIOTherapy (MIO), a wearable technology for physical and occupational therapists. This platform integrates the effectiveness of traditional physical therapy with smart sensors, therapeutic exercises, games, and 3D visualization technology to personalize and improve outpatient rehabilitation and accelerate recovery.
Key Takeaways of the Global Physical Therapy Rehabilitation Solutions Market:
- The global physical therapy rehabilitation solutions market is expected to exhibit a CAGR of 7.7 % during the forecast period, as key companies are focusing on technological advancements in physical therapy rehabilitation solutions
- Among solution, the hardware segment is estimated to hold largest market share in 2020, as manufacturers are engaged in the development of hardware to support physical therapy rehabilitation solutions
- Among application, hip joint segment is estimated to hold largest market share in 2020, owing to increasing number of surgical procedures such as total hip replacement in individuals
- Among deployment, on-premise segment is estimated to hold largest market share in 2020, as key players are engaged in providing on-premises rehabilitation solutions for individuals for better treatment
- Companies operating in the global physical therapy rehabilitation solutions market include Reflexion Health, AC INTERNATIONAL EAST, Cerner Corporation, Kareo, Inc, TherapySync, eviCore healthcare, Meditab, Isalus, Smith+Nephew, CoRehab srl, Hinge Health, Inc, SWORD Health, Inc, MIRA Rehab Limited, Motekforce Link, and GESTURETEK HEALTH
